New York -LRB- CNN -RRB- -- Work on the National September 11 Memorial Museum has been halted over a budgetary dispute , delaying its opening , New York City Mayor Michael Bloomberg said .

`` There 's no chance of it being open on time . Work has basically stopped , '' Bloomberg said during a press conference Thursday .

The museum was scheduled to open on the 11th anniversary of the September 11 , 2001 , terror attacks .

Bloomberg blamed the holdup on `` disagreements '' with the Port Authority of New York and New Jersey , which is responsible for a portion of the project 's financing .

`` The Port Authority has to spend money to do the infrastructure that they agreed to , '' the mayor said . `` We have a legitimate claim against the Port Authority for delays for roughly $ 140 million dollars which has increased our cost . ''

Bloomberg did not specify when work on the museum halted . The Port Authority did not immediately respond to a request for comment .

Bloomberg 's disclosure of the setback came the same day the National September 11 Memorial & Museum Foundation announced that more than a million people have visited the site since it opened on the 10th anniversary of the attacks .

The memorial features two large reflecting pools in the footprints of the two towers .

Located underground in the former World Trade Center 's `` archaeological heart , '' the museum will feature 110,000 square feet of exhibition space , according to the website for The National September 11 Memorial & Museum foundation .

It will house a vast array of 9/11 artifacts , including `` photographs , videotapes , voice messages , recovered property , clothing and other personal effects , workplace memorabilia , -LSB- and -RSB- incident-specific documents , '' among other items .

Bloomberg sounded a note of optimism , telling reporters that both sides would come to `` some agreement pretty soon . ''

He also said he thought the disagreement would not require judges to resolve it . `` I do n't think it 'll get to the court . ''

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`` There 's no chance of it being open on time , '' Mayor Michael Bloomberg says

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The museum was scheduled to open on the 11th anniversary of the terror attacks

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Bloomberg blames the delay on the Port Authority on New York and New Jersey